4 Ways a Physician’s Office Can Increase Revenue

Medical practices around the country are struggling to generate healthy revenue streams. Fewer patients are visiting physician’s offices, operating costs continue to rise, and heavy administrative fees are just some of the challenges that practices are facing.

So, it’s vital for practices to diversify their business strategies to help generate new income revenues that increase their bottom line. Here are 4 ways that a physician’s office can increase their revenue:

1. Outsource Medical Billing
Outsourcing medical billing services to a third-party company is a simple but effective method to increase revenue.

An in-house billing team requires time and resources that could be better used elsewhere in the practice. For instance, many physician’s offices use their front-desk team for medical billing, taking away time that could be spent focusing on patient intake and care.

With no billing tasks to worry about, staff can focus on providing the best service possible, increasing customer satisfaction and, in turn, revenue.

Other benefits of outsourced medical billing include faster payments, fewer administrative errors, and guaranteeing billing compliance.

2. Improve Your Online Presence
Make sure to consider the effectiveness of your online presence. Does the office have a dedicated website? Is the website modern and optimized for mobile users? Do you have a presence on social media platforms?

Developing a strong online presence is essential for a physician’s office. People are now doing most of their healthcare research online, so if you want to attract new patients, a good website is essential.

Make sure the office is also registered with local online directories to increase visibility. Also, consider setting up profiles on review sites and creating social media profiles to further improve your online presence.

3. Re-evaluate Patient Scheduling
Even slight adjustments to your scheduling processes could see a healthy increase in revenue streams. For example, physicians could take turns offering after-hour visits in the evenings or weekend. The more appointments your practice can take, the more revenue it will generate.

Of course, not every doctor wants to spend their free time working extra hours, so finding alternative solutions may be preferable. For instance, some of the after-hour services could be offered digitally, such as video appointments.

Also, consider whether your appointment scheduling process could be improved. Are there long gaps between appointments that could be reduced with better time management? Is there time to fit an additional virtual appointment during office hours?

Take the time to re-evaluate your current scheduling processes – there could be various opportunities to increase your revenue!

4. Start Selling Products
Adding a retail store to your practice is a great way to increase revenue. Consider what products you’re regularly recommending to patients – there could be an opportunity to sell these directly from the practice.

Also, by offering these products from your practice, you offer patients the convenience of not needing to visit the pharmacy. You’re not just making a small profit on each product sold – you’re offering customers more value!

California Medical Billing is a Professional Medical Billing, Practice Management and Consulting Company. We are dedicated to providing outstanding services to all our physicians. Our medical billing services fit any specialty of health care such as General Practice, Internal Medicine, Psychology, Psychiatry and Specialty Practices.

By using the latest technology available, we are able to provide clients with fast efficient service while maximizing their reimbursement.

We provide service for Family Medicine, Internal Medicine, and Pediatric Medicine practices throughout California. Contact us for a free consultation today!